Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 40 sliders and 25 hot wings would appear
A) along Dina's production possibilities frontier.
B) inside Dina's production possibilities frontier.
C) outside Dina's production possibilities frontier.
D) at the vertical intercept of Dina's production possibilities frontier.
B
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The above figures show the market for oranges. Which figure shows the effect of great growing conditions that produce an above-average sized crop?
A) Figure A B) Figure B C) Figure C D) Figure D
A monopolist who owned the entire supply of a scarce resource would set a price
a. at about the competitive level. b. lower than the competitive level. c. higher than the competitive level but lower than what a monopoly producer of a non-scarce good would. d. above that which would be chosen by a monopoly producer of a nonscarce good.
Under adaptive expectations theory, people persistently:
a. underestimate inflation when it is slowing down. b. overestimate inflation when it is accelerating. c. underestimate inflation when it is accelerating. d. adapt to the prevailing inflation rate.
Many countries impose tariffs or quotas to protect the domestic industry from competition.
Answer the following statement true (T) or false (F)